JPMorgan merges major European units into single entity

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US banking giant JPMorgan is consolidating most of its European Union business into a single German legal entity, known as JP Morgan SE (JPMSE), in a bid to simplify its structure for the post-Brexit bloc.

The bank merged Luxembourg and Irish units into the German entity – JP Morgan AG, which was transformed into a European public company.

JPMSE, based in Frankfurt, has branches in the European Economic Area (EEA), with a considerable presence in Dublin, Luxembourg and Paris.

It offers products/services across all of JPMorgan’s businesses, including its corporate and investment banking, commercial banking, and private banking.

JPMSE also provides access to EU liquidity to clients operating worldwide.

Additionally, the combined entity will operate a branch in London to support the company’s private banking activities.

The restructuring will not impact existing offices, the bank noted.

With a total capital of around 34 billion euros, JPMSE would be among the five largest banking entities in Germany and among the top 20 in the EU.

Stefan Behr is the CEO of JPMSE who is also a member of the company’s Europe, Middle East and Africa (EMEA) management committee.

In a separate development, JP Morgan Asset Management has formed a new sustainability-focused growth private equity investment team.

JPMorgan will support the team’s first investment strategy by investing $150 million.

The new team sits within JP Morgan Private Capital, a growth capital platform.

George Gatch, CEO of JP Morgan Asset Management, said: “We are in a unique position to leverage our global scale, data science capabilities and the expertise of our sustainability leaders to find and invest in best-in-class companies that ensure a sustainable future.

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